The operation, named “Trust No One,” was facilitated by the support of Binance and the United States Homeland Security Investigation (HSI). The Royal Thai Police seized luxury cars, homes, lands, and other valuable items from the criminals. The rise in crypto scams has led to financial losses for many Thai investors who are unaware of the tactics employed by fraudsters. Over 3,200 affected investors have filed compensation claims following the joint operation.
The fraudsters utilized a scam called “pig butchering” to deceive novice investors into depositing their crypto assets into questionable platforms, after which the funds were stolen. While Binance has been praised for assisting in apprehending criminals, it has faced challenges with financial regulators, particularly the US Securities and Exchange Commission (SEC). Binance founder Changpeng Zhao has been accused of violating SEC rules and the exchange is currently facing a class-action lawsuit in the US. However, Binance has denied these allegations and claims to operate outside the jurisdiction of the government agency.